Al Ansari Exchange, the UAE-based foreign exchange and money transfer firm, has signed a deal with Dubai Insurance to facilitate the collection of the Involuntary Loss of Employment Insurance Scheme (ILOE) subscriptions. 

 

Through this partnership, Al Ansari Exchange will now be the first exchange company to collect subscriptions for the insurance scheme through its network of more than 220 branches. Key representatives of both entities attended the signing ceremony. 

 

The UAE government has introduced a mandatory ILOE Insurance Scheme, which will cover all employees (Emirati and residents) working in both the government and private sectors in the event of an involuntary loss of employment, effective January 1, 2023. 

 

Range of benefits

The insurance scheme supports employees by offering a range of benefits and safeguarding their financial landscape during unemployment, considering adherence to certain factors. Al Ansari Exchange will collect subscriptions for the scheme monthly, quarterly, half-yearly or yearly in line with its vision to expand its offerings and solidify its position as a trusted financial services company. 

 

Mohammad Bitar, Deputy CEO of Al Ansari Exchange, said: "We are proud to support the UAE's Involuntary Loss of Employment Insurance Scheme, which ensures its residents' well-being during their unemployment. By partnering with Dubai Insurance, we hope to facilitate a well-structured scheme that can assist employees during uncertain times while extending our services to a wider range of audiences and sectors."

 

Abdellatif Abuqurah, CEO of Dubai Insurance, commented: "This partnership will allow a large segment of the workforce to subscribe to the Involuntary Loss of Employment, ILOE, in very easy and efficient steps."

 

Benefits

·Monthly compensation benefit is 60% of the average basic salary for the past 6 months prior to the loss of employment 

·For the workers who have a basic salary less than AED16,000 ($4,356), they can benefit from a monthly compensation up to AED10,000 for up to 3 consecutive months

·For the workers who have a basic salary above AED16,000, they can benefit from a monthly compensation up to AED20,000 for up to 3 consecutive months.-- TradeArabia News Service